Equity Long-Short Analyst

Pyari Menon

Thematic (Sector/Industry)

<ul>
<li>Legal and regulatory changes have spawned cannabis companies, focused on cannabis-based medical and recreational products and the development of new breeds of crop </li>
<li>In Cannabis innovations <a href="https://www.smartkarma.com/entities/philip-morris-international" target="_blank" data-smartkarma-citation="entities:13328:1" rel="noopener">Philip Morris International (PM US)</a>, <a href="https://www.smartkarma.com/entities/canopy-growth-corp" target="_blank" data-smartkarma-citation="entities:25083:1" rel="noopener">Canopy Growth (WEED CN)</a>, <a href="https://www.smartkarma.com/entities/jazz-pharmaceuticals-plc" target="_blank" data-smartkarma-citation="entities:15881:1" rel="noopener">Jazz Pharmaceuticals (JAZZ US)</a><a href="https://www.smartkarma.com/entities/merck-co-inc" target="_blank" data-smartkarma-citation="entities:1130:1" rel="noopener">Merck &amp; Co Inc. (MRK US)</a> and <a href="https://www.smartkarma.com/entities/takeda-pharmaceutical-co-ltd" target="_blank" data-smartkarma-citation="entities:11747:1" rel="noopener">Takeda Pharmaceutical (4502 JP)</a> lead</li>
<li>In overall plant-based extracts innovations <a href="https://www.smartkarma.com/entities/jazz-pharmaceuticals-plc" target="_blank" data-smartkarma-citation="entities:15881:1" rel="noopener">Jazz Pharmaceuticals (JAZZ US)</a>, <a href="https://www.smartkarma.com/entities/eid-parry-india-ltd" target="_blank" data-smartkarma-citation="entities:6925:1" rel="noopener">Eid Parry India (EID IN)</a>, <a href="https://www.smartkarma.com/entities/abbott-laboratories" target="_blank" data-smartkarma-citation="entities:11987:1" rel="noopener">Abbott Laboratories (ABT US), </a>Indena, Mars Incorporated, and Liveleaf are the leaders.</li>
</ul>


Legal and regulatory changes have spawned cannabis companies, focused on cannabis-based medical and recreational products and the development of new breeds of crop 
In Cannabis innovations Philip Morris International (PM US), Canopy Growth (WEED CN), Jazz Pharmaceuticals (JAZZ US)Merck &amp; Co Inc. (MRK US) and Takeda Pharmaceutical (4502 JP) lead
In overall plant-based extracts innovations Jazz Pharmaceuticals (JAZZ US), Eid Parry India (EID IN), Abbott Laboratories (ABT US), Indena, Mars Incorporated, and Liveleaf are the leaders.


Insights from Data Mining Technical Publications - Plant Extracts Including from Cannabis

Equity Analyst, LightStream Research

Shifara Samsudeen, ACMA, CGMA

Equity Analyst

Long-Short Analysis on Japan, Asia and the World

LightStream Research

LightStream conducts quantitatively rigorous and data-driven analysis with a focus on Japan and Asia.

We consistently cover the Tech, Consumer and Industrial sectors, and provide ECM and Events coverage more broadly.

We supplement traditional qualitative insights from company relationships with a robust quantitative foundation that examines as much historical data as is available.
We further refine the accuracy of our insights and calls through the use of alternative data to flesh out current trends, and through a valuation framework that emphasises non-superficial peer group selection and a proper attempt to understand the metrics and changes that have driven security valuations in the past.

Equity Bottom-Up

<ul>
<li>Takeda announced 3QFY03/2022 results today. Reported revenue grew 7.7% YoY to JPY901.3bn (vs consensus JPY850.5bn) and OP declined 18.6% YoY to JPY116.5bn (vs consensus JPY115.6bn) due to divestitures.</li>
<li>Revenue from Top 14 key drugs grew 21.2% YoY, while revenue from top-seller Entyvio grew 24.2% YoY during the quarter.</li>
<li>Takeda has upgraded its previous guidance for full-year FY03/2022. The company continues to progress with drug development. Two of its products were approved during the last 6-months.</li>
</ul>


Takeda announced 3QFY03/2022 results today. Reported revenue grew 7.7% YoY to JPY901.3bn (vs consensus JPY850.5bn) and OP declined 18.6% YoY to JPY116.5bn (vs consensus JPY115.6bn) due to divestitures.
Revenue from Top 14 key drugs grew 21.2% YoY, while revenue from top-seller Entyvio grew 24.2% YoY during the quarter.
Takeda has upgraded its previous guidance for full-year FY03/2022. The company continues to progress with drug development. Two of its products were approved during the last 6-months.


Takeda: Key Drugs Continue Growth and Upgrade to Guidance; Pipeline Progress Despite Recent Setbacks

Global Healthcare Analyst

Tina Banerjee

<ul>
<li>
<a href="https://www.smartkarma.com/entities/green-cross-corp" target="_blank" data-smartkarma-citation="entities:2969:1" rel="noopener">Green Cross (006280 KS)</a> is currently waiting for marketing approval from the FDA for its immune globulin intravenous injection, which will mark its entry into the U.S. market.</li>
<li>The company will start commercializing its hemophilia A treatment, GreenGene F in China market this year. As a third-generation product, GreenGene is expected to gain substantial market share.</li>
<li>Green Cross shares remained subdued last year, as the company could not finalize a contract manufacturing deal for COVID-19 vaccine.</li>
</ul>



Green Cross (006280 KS) is currently waiting for marketing approval from the FDA for its immune globulin intravenous injection, which will mark its entry into the U.S. market.
The company will start commercializing its hemophilia A treatment, GreenGene F in China market this year. As a third-generation product, GreenGene is expected to gain substantial market share.
Green Cross shares remained subdued last year, as the company could not finalize a contract manufacturing deal for COVID-19 vaccine.


Green Cross (006280 KS): Look Ahead for Key Milestones Amid Covid Vaccine Related Setback

<ul>
<li>Takeda is currently trading at JPY3,175 per share, slightly above its all-time low of JPY3,105 per share. Shares are currently at a 27% discount to its peak in March 2021.</li>
<li>The company has been divesting its non-core assets and reorganising its business around five core areas: GI, Rare Diseases, Plasma-Derived Therapies, Oncology, Neurosciences and Others.</li>
<li>Takeda’s share price started plunging after the suspension of a phase 2 study of TAK-994 in October 2021 following the emergence of a safety signal.</li>
</ul>


Takeda is currently trading at JPY3,175 per share, slightly above its all-time low of JPY3,105 per share. Shares are currently at a 27% discount to its peak in March 2021.
The company has been divesting its non-core assets and reorganising its business around five core areas: GI, Rare Diseases, Plasma-Derived Therapies, Oncology, Neurosciences and Others.
Takeda’s share price started plunging after the suspension of a phase 2 study of TAK-994 in October 2021 following the emergence of a safety signal.


Takeda: Excessive Reaction to Recent Setback in Trials; Drop in Share Price Offer Attractive Entry

<ul>
<li>
<a href="https://www.smartkarma.com/entities/takeda-pharmaceutical-co-ltd" target="_blank" data-smartkarma-citation="entities:11747:1" rel="noopener">Takeda Pharmaceutical (4502 JP)</a> received CRL from the FDA for TAK-721, through which FDA declined to approve the drug in its current form and asked for additional clinical study.</li>
<li>Takeda aimed for four potential approvals in FY22. Thus far, the company has received only two approvals. R&amp;D expenditure for FY22 is guided at ¥522 billion, up 15% y/y.</li>
<li>Next big catalyst for the company is the potential approval of its Dengue vaccine candidate, TAK-003, which has peak revenue opportunity of $1.6 billion.</li>
</ul>



Takeda Pharmaceutical (4502 JP) received CRL from the FDA for TAK-721, through which FDA declined to approve the drug in its current form and asked for additional clinical study.
Takeda aimed for four potential approvals in FY22. Thus far, the company has received only two approvals. R&amp;D expenditure for FY22 is guided at ¥522 billion, up 15% y/y.
Next big catalyst for the company is the potential approval of its Dengue vaccine candidate, TAK-003, which has peak revenue opportunity of $1.6 billion.


Takeda Pharmaceutical (4502 JP): Bearish Tone Continues Despite New Drug Approvals

Japan

Takeda Pharmaceutical Co Ltd focuses on the Research & Development, Manufacturing, Sales and Marketing and Import/Export of Pharmaceutical Drugs. The Company focuses on the following core therapeutic areas: Cardiovascular & Metabolic, Oncology, Central Nervous System, Respiratory & Immunology, General Medicine (Gastrointestinal & Genitourinary) and Vaccine.

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Takeda Pharmaceutical (4502 JP)

Insights from Data Mining Technical Publications - Plant Extracts Including from Cannabis

Herbal medicinal and nutraceutical extracts are seen as instruments to maintain health and treat some conditions. Cannabis, in particular, will see...

Pyari Menon

Takeda: Key Drugs Continue Growth and Upgrade to Guidance; Pipeline Progress Despite Recent Setbacks

Takeda's revenues beat consensus by 6.0% and key global brands continue to perform stronger. The drug development pipeline progresses despite...

Shifara Samsudeen, ACMA, CGMA